In a series of events that have unfolded over the past few days, both the EU and US have announced their intentions to impose new sanctions on Iran. The decision comes in response to ongoing tensions between Israel and Iran, which escalated with an attack by Iran on Israel's Netavim Air Base. According to reports from Reuters and BBC, Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, is currently working on the sanctions in collaboration with the US. U.S. Treasury Secretary Janet Yellen has also indicated that new sanctions are imminent.
The attack on Israel marked a significant escalation in tensions between the two countries, which have been at odds since Iran's 1979 Islamic Revolution. The incident resulted in minor damage to the air base and injuries to civilians. In response, Israel launched over 40 airstrikes against targets in Gaza.
The new sanctions are expected to target Iran's oil industry and military capacity, potentially disrupting its exports and further exacerbating tensions in the region. The EU and US have previously imposed sanctions on Iran for its nuclear program, human rights abuses, and support for terrorist organizations. However, these new measures come at a time when global oil prices are already high due to supply chain disruptions caused by the Russia-Ukraine conflict.
The situation is further complicated by Israel's ongoing conflict with Hamas in Gaza. The Israeli military has carried out over 40 airstrikes against Hamas targets, resulting in damage to infrastructure and civilian casualties. The violence comes amid growing tensions between Israel and Iran, which have been trading accusations and threats for several weeks.
The EU's decision to impose new sanctions on Iran is significant as it marks a shift in the bloc's stance towards Tehran. Previously, the EU had sought to engage with Iran diplomatically, but recent events have led Brussels to take a more confrontational approach.
The situation remains fluid and continues to evolve. The potential for further escalation between Israel and Iran is high, and the impact of new sanctions on global oil prices is uncertain. As tensions rise in the Middle East, it remains to be seen how other countries will respond.
